A proptech commentator has said investing in OnTheMarket is “a horrible idea”.

Mike DelPrete, a US-based entrepreneur who has lately been getting his opinions around on proptech matters, said: “Critically, OnTheMarket is a bad investment because it doesn’t provide value to users. There is no compelling reason for consumers to use the product compared to the existing alternatives, Rightmove and Zoopla.”

Last night, OnTheMarket CEO Ian Springett told EYE: “We note the opinions of Mike Delprete, who is clearly entitled to his view on the property portals landscape. We note, too, the views of the overwhelming majority of our members who have supported our strategic proposals.

“We believe that by raising capital from new investors we will substantially strengthen our market position in terms of growth in both property advertisers and consumer traffic. Agents provide the main property listings content and the main revenue sources for property portals.

“Our members’ ownership of shares in the newly listed company will enable them to remain enfranchised, aligned and fully invested in OnTheMarket’s future success.”